证券研究报告：医药生物|行业周报 发布时间：2025-06-23 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 7552.12 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 周最低 | | 6070.89 | 行业相对指数表现 2024-06 2024-09 2024-11 2025-01 2025-04 2025-06 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 近期研究报告 《创新药主题热度仍在升温，关注中药 创新药研发企业的投资机会》 - 2025.06.17 医药生物行业报告 （2025.06.16-2025.06.20） 强生公布 PFA 研究进展，2025 年国产 PFA ...

Core Viewpoint - Yuntian Lifei is focusing on the development of high-performance AI chips and edge AI applications, with significant revenue growth in Q1 2025 driven by enterprise and consumer-level business segments [1][2][3] Financial Performance - In 2024, Yuntian Lifei achieved a revenue of 917 million yuan and a net loss of 579 million yuan; in Q1 2025, the revenue was 264 million yuan, representing a 168% year-on-year increase, with a reduced net loss of approximately 85.64 million yuan [1] Product Development - The company has developed four AI chips: DeepEdge10C, DeepEdge10 standard version, DeepEdge10Max, and DeepEdge200, with plans to launch the new model inference acceleration card IPU-X6000 in 2024 [2] - DeepEdge10 chips utilize a domestically produced 14nm Chiplet process and include a RISC-V core, supporting various large model architectures for efficient inference [2] Technology and R&D - Yuntian Lifei is enhancing its neural network processor technology, NNP400T, to meet the requirements of large model inference through specialized instruction sets and architectures [3] - The company invested nearly 400 million yuan in R&D last year, a year-on-year increase of approximately 36% [3] Market Trends - The demand structure in the AI computing market is shifting from general large model training to optimized inference computing for AI applications, with inference computing demand rapidly increasing [3] Strategic Initiatives - Yuntian Lifei plans to expand its consumer product offerings and establish a comprehensive online and offline marketing system, focusing on "technological innovation + scene cultivation" [4] - The company has launched the first domestically produced AI glasses in collaboration with partners and is enhancing its AIoT product matrix through acquisitions and brand collaborations [4]

DOVER, Del., June 09, 2025 (GLOBE NEWSWIRE) -- Portage Biotech Inc. (NASDAQ: PRTG), a clinical-stage immuno-oncology company formed under the laws of the British Virgin Islands (“Portage”) announce that on June 5, 2025 Portage and Compedica Holdings Limited, a company formed under the laws of the Isle of Man (“Compedica”) entered a mutual Subscription Agreement (“Subscription Agreement”). Pursuant to the Subscription Agreement, Portage issued 625,000 ordinary shares at a per share price of $8.00 in exchange ...

每经记者｜毕媛媛 每经编辑｜张海妮 截至5月30日晚，2025年年内票房为271.87亿元。 回顾年内电影市场，除《哪吒之魔童闹海》外，电影行业一直处在一种低气压中。反观电影院外，"情绪消费"火热，老铺黄金、泡泡玛特股价屡创新高，消 费者排长队，只为购买心头好。 5月29日晚，泡泡玛特多个新品发售，其中联名正在热映的电影《星际宝贝史迪奇》的"HACIPUPU史迪奇1/8可动人偶"，上线即秒空。泡泡玛特与哪吒的联 名产品也一时卖断货。 图片来源：泡泡玛特小程序截图 《每日经济新闻》记者采访了解到，即便在没有新影视作品推出的情况下，史迪奇相关的主题产品全球零售额在2024财年达26亿美元，而五年前这一数字仅 为2亿美元。如今"星际宝贝史迪奇"成功跻身迪士尼十大畅销人物故事系列，成为消费市场的"顶流"。 从年初的"哪吒"联名款，到近期爆火于全球的LABUBU，再到"史迪奇"，"凶萌经济"正受到越来越多消费者的青睐。 从2亿美元到26亿美元，"凶萌"史迪奇全球吸金 "史迪奇还在锁单中，还有渺茫的机会""史迪奇有原价出的吗？"5月29日晚，泡泡玛特本周新品发售后，史迪奇联名款可动人偶成为热门款，有粉丝在聊天 群里希望能 ...

Financial Data and Key Metrics Changes - Consolidated revenues were $1,002 million, up 6% year over year or up 7% organically [6][21] - Non-GAAP earnings were $0.96, up 14% year over year [6][23] - Consolidated gross margin improved to 68%, up from 67.3% [21] - Operating expenses increased by 6%, but declined as a percentage of revenue to 43.1% [21] Business Line Data and Key Metrics Changes - CooperVision reported revenues of $670 million, up 5% or up 7% organically [6][21] - CooperSurgical posted revenues of $333 million, up 8% or up 7% organically [6][21] - Daily silicone hydrogel lenses grew 10%, with MyDay and Clarity leading the growth [7][9] - Myopia management portfolio grew 19%, with MiSight up 35% [7][11] Market Data and Key Metrics Changes - The Americas grew 8%, EMEA grew 6%, and Asia Pacific grew 5% [7] - Fertility revenues were $127 million, up 3% and up 2% organically, but lower than expected due to market softness in Asia Pacific [14][15] - Office and Surgical sales were $206 million, up 13% or up 10% organically [15][16] Company Strategy and Development Direction - The company is focusing on expanding its product availability in new markets and channels, particularly for MyDay and MiSight [8][9] - There is a strong emphasis on operational improvements and leveraging existing investments to drive growth [21][22] - The company is optimistic about long-term growth in fertility despite current market softness [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a more complex global operating environment but emphasized strong execution and market share gains [5][6] - The company is adjusting its revenue guidance to reflect solid Q2 performance and updated market assumptions [17][24] - Management expects organic growth in Q4 to be stronger than Q3, driven by product rollouts and improved fitting activity [24] Other Important Information - The company repurchased approximately 537,000 shares for roughly $40.6 million, leaving $215.8 million available under its repurchase plan [23] - Tariffs are expected to have a negative impact of roughly $4 million on the cost of goods this year [25] - Currency fluctuations are anticipated to have a 0.5% headwind to revenues and a 1% headwind to earnings [25] Q&A Session Summary Question: Contact lens end market performance - Management noted that channel inventory pressures are affecting growth rates, but fitting activity remains strong [29][30] Question: Lower market growth assumption for Vision Care - The reduction in guidance is attributed to general market softness rather than specific pricing or volume issues [33][36] Question: Changes in market behavior and consumer purchasing - Management confirmed that consumers are buying shorter supply durations, impacting revenue despite strong fitting activity [45][46] Question: Fertility market softness in Asia - The decline in fertility cycles in Asia Pacific is partly attributed to cultural factors, but management remains optimistic about long-term growth [39][42] Question: Future pricing opportunities - Management believes there are opportunities for inflationary price increases, but overall pricing remains solid [100][101] Question: Impact of tariffs on guidance - Tariffs are expected to impact costs, with potential adjustments in manufacturing and pricing strategies to mitigate effects [77][104]

Boston Scientific (BSX) FY 2025 Conference May 28, 2025 08:00 AM ET Speaker0 Thanks everybody for coming. I'm Lee Hambrite, US med tech analyst at Bernstein. We are very pleased to host Boston Scientific today. We've got chairman and CEO Mike Mahoney Speaker1 and chief medical officer doctor Ken Stein. Thanks so much guys for being here. Pleasure. For those of you in the audience, if you would like to ask a question, you could submit it via the pigeonhole tool, and I will try to work in as many as I can her ...

Johnson & Johnson (JNJ) 2025 Conference Summary Industry Overview - The healthcare industry is currently facing unprecedented challenges related to tariffs and policy changes, impacting growth expectations for many companies [3][4] - Johnson & Johnson is committed to investing $55 billion over the next four years, representing a 25% increase, primarily influenced by tax policy changes [8] Key Financial Insights - In Q1, Johnson & Johnson absorbed an estimated $400 million impact from tariffs, primarily affecting the med tech segment, but this impact has since been reduced to approximately $200 million due to changes in the tariff landscape [5][6] - The company reported a 4% growth in Q1 despite losing a significant product, Stellar, which had a $10 billion market value [27] Innovative Medicine Segment - Johnson & Johnson's innovative medicine segment is projected to grow at a CAGR of 5-7% from 2025 to 2030, driven by transformative drugs [30][34] - Key products include: - Tremfya for psoriasis, projected to generate $4 billion by 2027-2028, with expectations of 25% higher sales than market estimates [23][24] - Ribrovant for lung cancer, anticipated to exceed $2 billion in the same timeframe, with potential for improved patient outcomes [24] - New oral formulation for psoriasis, expected to file for approval later this year [25] - A promising bladder cancer treatment projected to significantly outperform analyst expectations [26] Med Tech Segment - The med tech segment is also expected to grow at a CAGR of 5-7% from 2023 to 2028, although current performance is not meeting expectations [34] - Key developments include: - Progress in wound closure and biosurgery, with advancements in the OTAVA robotic surgical solution [35] - Strong uptake of the Vellus knee solution, with expectations for mid-single-digit growth in orthopedics [36] - Continued leadership in vision care, with plans to reinvigorate growth through commercial efforts [38] - Challenges in electrophysiology (EP) due to increased competition and regulatory pauses, but efforts are underway to regain market position [39][42] Pricing and Access Issues - Johnson & Johnson's average net price has decreased by 3-4% annually over the past six years, limiting pricing power [22] - The company emphasizes the need for discounts and rebates to reach patients effectively, with an average discount of 55-60% off list prices in the U.S. [14][15] - Access to oncology drugs in the U.S. is significantly higher than in other G20 countries, highlighting the importance of maintaining access to innovative treatments [16] Litigation and Financial Management - The company has reversed a $7 billion accrual related to talc litigation, expressing confidence in its legal position and financial stability [49][52] - Johnson & Johnson generates $20 billion in free cash flow, allowing for continued investment in R&D and acquisitions despite litigation risks [52] Investor Outlook - Johnson & Johnson is positioned as a reliable investment with significant growth potential in the second half of the decade, despite current headwinds [55] - The company is focused on delivering sophisticated treatments and maintaining investor returns [55]

FDA批准首个用于诊断阿尔茨海默氏症的血液检测技术 金十数据5月17日讯，美国食品药品监督管理局（FDA）周五表示，该机构已批准Fujirebio Diagnostics 公司的血液检测技术"Lumipulse"用于诊断阿尔茨海默病，成为首个获批的阿尔茨海默氏症血液检测设 备。血液检测可以加快疾病的诊断，并使更多的人更容易获得治疗方法。检测阿尔茨海默氏症的其他方 法包括脊髓穿刺，这需要侵入性穿刺来收集脊髓液，或者昂贵的PET脑部扫描，健康保险公司可能不会 提供报销。 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 在AI芯片这个波澜壮阔的竞技场上，一度被奉为"技术圣杯"的大规模训练，如今正悄然让位于更 低调、但更现实的推理市场。 Nvidia依然在训练芯片市场一骑绝尘，Cerebras则继续孤注一掷地打造超大规模计算平台。但其他 曾在训练芯片上争得面红耳赤的玩家——Graphcore、英特尔Gaudi、SambaNova等——正在悄悄 转向另一个战场：AI推理。 这一趋势，并非偶然。 AI训练作为一个重资本、重算力、重软件生态的产业，Nvidia的CUDA工具链、成熟的GPU生态 与广泛的框架兼容性，使其几乎掌握了训练芯片的全部话语权。而Cerebras虽然另辟蹊径，推出了 超大芯片的训练平台，但仍局限于科研机构和极少数商业化应用场景。 在这种格局下，新晋芯片企业在训练市场几乎没有生存空间。"训练芯片的市场不是大多数玩家的 竞技场"，AI基础设施创业者坦言，"光是拿到一张大模型训练订单，就意味着你需要烧掉数千万 美元——而且你未必赢。" 规模并行结构适合处理这类不规则数据结构。 在应用领域，IPU在化学材料和医疗领域表现突出，曾被用于冠状病毒研究。2020年，微软的 Sujee ...

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作 者丨薛皓皓 编辑丨关雎 图源丨midjourne 深圳市首家在A股上市的人工智能公司云天励飞，正在冲刺港股上市。目前其在科创板的市值近200 亿元。 云天励飞不久前发布的2024年A股财报显示，公司亏损5.7亿元，亏损同比扩大49%。公司表示，上一 财年亏损扩大，主要系研发投入和股份支付所致。 同一天它发布公告，称筹划在港股上市，目的是为吸引国际资本，拓宽多元融资渠道，并塑造公司国 际品牌形象。 2023年4月，云天励飞登陆科创板，主要业务为AI安防、AI城市治理等领域，不过随后两年，公司继 续扩展业务范围至企业级、行业级、消费级这三大应用场景。公司还通过自研AI推理芯片、并购岍丞 技术，在AI大模型的推理芯片产品、C端智能硬件产品等业务上同时发力。 对于上市前的投资方，云天励飞的相关限售股已经于2024年4月解除，但是截至2024年末，真格基金 等投资方尚未实施减持。一路发展而来，云天励飞不仅受到真格基金、华登国际等知名投资机构的持 续支持，而且拥有 ...